Cardiac Safety Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Cardiac Safety Service Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The cardiac safety service market is expected to register a CAGR of 9% during the forecast period.

The COVID-19 pandemic imposed a high burden on the healthcare industry, increasing its focus on providing better healthcare facilities, monitoring devices, services, and teleconsultation. It has been found that COVID-19 increased the risk of all types of cardiovascular ailments. For instance, according to an article published by BMJ Journals in October 2022, a study was conducted which showed that individuals hospitalized with COVID-19 had an increased risk of incident cardiovascular diseases such as myocardial infarction (MI), stroke, heart failure, atrial fibrillation (AF), venous thromboembolism (VTE), and pericarditis among others. Hence, the COVID-19 pandemic had a significant impact on the studied market. However, as the pandemic has subsided currently, fewer people are experiencing cardiovascular complications related to COVID-19. Thus, the market is expected to lose some traction and have stable growth during the forecast period of the study.

The growth of the cardiac safety service market is mainly due to the rising prevalence of cardiovascular diseases and growing awareness among people regarding cardiac problems and chronic heart diseases. For instance, according to an article published by BMJ Journals in November 2021, it is estimated that the average reported prevalence of heart failure was 8.3% among older people, 3.4% among all adults, and 1.3% in patients of all ages.

Furthermore, according to the data updated by the CDC in January 2022, congenital heart defects (CHD) affect nearly 1% of newborns, or about 40,000 births per year in the United States. The prevalence (the number of babies born with a heart defect compared to the total number of births) of some CHDs, especially mild types, is increasing, while the prevalence of other types has remained stable. The most common type of heart defect in newborns is a ventricular septal defect (VSD). Hence, the increasing prevalence of such cardiovascular disorders is expected to boost the adoption of cardiac safety services.

Thus, factors such as the rising prevalence of cardiovascular diseases and the increasing R&D expenditure by healthcare companies are expected to boost the market growth. However, the huge cost of services and lack of skilled persons are likely to hinder the market growth.

A Holter monitor is a battery-operated portable ECG device that can be worn by a patient for 24 to 48 hours, records heart activity (electrocardiogram) continuously, and monitors the heart rhythm. This portable device provides several advantages over traditional ECG devices, such as fewer leads, and the patient is free to move and go around their usual daily routines, which has increased its usage among patients and physicians. The rising geriatric population and the increasing prevalence of cardiovascular diseases are expected to boost segment growth.

Old age is often associated with the increasing prevalence of cardiovascular diseases. For instance, according to the data published by the American Heart Association in December 2022, older patients have more pronounced anatomical changes and more severe functional impairment during heart diseases, and cardiovascular changes that occur with aging make acute coronary syndrome (ACS) more likely to occur and may make diagnosing and treating it more complex. It happens because large arteries become stiffer in older people. The heart muscle often works harder but pumps less effectively. Hence, the increasing complications of cardiovascular diseases with old age is expected to boost the adoption of ECG/Holter measurement services.

Furthermore, the rising prevalence of cardiovascular diseases is also expected to boost the segment growth. For instance, according to the data published by WHO in October 2022, it is observed that the lifetime risk of developing a stroke has increased by 50% over the last 17 years and currently 1 in 4 people is estimated to have a stroke in their lifetime.

Furthermore, the key developments by major market players are also expected to boost the segment growth. For instance, in June 2021, AliveCor, an ECG technology and service provider, acquired the independent diagnostic testing facility (IDTF) CardioLab to expand its cardiological services to patients who are prescribed monitoring devices by their healthcare providers.

North America is expected to account for a significant share of cardiac safety services during the forecast period, owing to the rise in the number of geriatric patients and the high prevalence of cardiovascular diseases. For instance, according to data updated by the CDC in October 2022, it was estimated that about 805,000 people in the United States have a heart attack every year, of which 605,000 were estimated to be a first heart attack, and 200,000 heart attacks happened to people who have already had a heart attack.

Furthermore, the rising geriatric population in the region is also expected to increase the prevalence of cardiovascular diseases, thus leading to more adoption of cardiac safety services. For instance, according to the data published by Statistics Canada in July 2022, it is estimated that around 7,330,605 people are aged 65 years or older in Canada, and this accounts for 18.8% of the total population.

Furthermore, the key developments by major market players in the region are also expected to boost market growth. For instance, in November 2021, ERT and Bioclinica merged to form Clario, a United States-based company. The transaction combines Bioclinica’s expertise in imaging, eClinical software, and drug safety solutions with ERT’s expertise in eCOA, cardiac safety, respiratory, and wearables.

The cardiac safety service market is highly fragmented, with a large number of players in the market. The major players have used strategies such as new product launches, expansions, agreements, joint ventures, partnerships, and acquisitions to increase their footprints in this market. Some of the major players in the market include Biotrial, Banook Group, Clario, Koninklijke Philips N.V.(BioTelemetry), and Ncardia AG, among others.

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support